My Business to My Business Money Transfers

My Business to My Business Money Transfer lets you move money between your Westminster Savings business accounts and your business accounts at another Canadian Financial Institution. This service is currently available using Online Banking for Small Businesses and Business Express Internet banking.

Link accounts

In order to setup a link to your accounts at another bank or credit union you must visit your nearest branch of contact the member service centre for details (604-517-0100).

What you need to know

  1. The business name, signers and signature requirements must be the same at both financial institutions in order to complete.
  2. A void business cheque will be required (if you cannot provide one, please speak with a Westminster Savings representative for another option).
  3. My Business to My Business Money Transfer is for business account transfers only, transfers to or from personal accounts must use Me to Me Money Transfers.

Once we have received your signed authorization documents and voided business cheque we will verify and activate your accounts. This can take up to 5 business days.

How to verify and activate your linked account

  1. Within 3 business days of receiving the signed authorization form and void cheque Westminster Savings will make a small electronic withdrawal from your account at the other bank or credit union.
  2. A Westminster Savings Member Service Centre agent will contact you to ask you the amount and date of the withdrawal. You can obtain this information by checking your account at the other bank or credit union.
  3. When you confirm the correct amount and date of the transfer with a Member Service Centre agent Westminster Savings will complete the electronic transfer into your Westminster Savings account and activate your linked accounts.

You can now transfer money to and from your other bank or credit union from within Online Banking.

Important Information:

  • Business accounts cannot be linked to personal accounts at other Financial Institutions.
  • If you have multiple business accounts at multiple financial institutions, separate documentation is required for each business account in order to setup My Business to My Business Money Transfer.
  • To remove a linked account call the Member Service Centre or visit your nearest branch. A document needs to completed and signed by all signing officers on the business accounts before a linked account can be removed. Once this document has been submitted, the linked account will be removed within three business days and will no longer appear in the list of accounts in Online Banking.

Transfer to WSCU

After you have linked your accounts transferring your money from your accounts at another bank or credit union is as simple as making a transfer between your accounts at Westminster Savings.

How to transfer money from your accounts at another bank or credit union

Procedures for Online Banking for Small Business and Business Express Internet:

  1. Log in to Online Banking and go to the Transfers section.
  2. Enter the amount of money you wish to transfer from your account at another bank or credit union (the “External” account).
  3. Under the Transfer From list, select the External account you wish to transfer from.
  4. Select your Westminster Savings account in the Transfer To list.
  5. Select when you want the transfer to occur (See Important Information below).
  6. Click Continue to complete your transfer.

Important Information:

  • You must ensure that your External account has enough funds in it on the date that you specify the transfer will take place. If you do not have enough funds in your other account, the transfer will be cancelled and you may be charged a service fee.
  • Your money may not come out of your account at the other bank or credit for up to 3 business days.
  • Transferring money to your Westminster Savings is free.

About Holds:

Your money will be deposited into your Westminster Savings account on the date that you specify. However, your money will be “held” for seven business days to ensure your other bank or credit union authorizes the transfer.

For security reasons this hold will not be removed until after seven days.

Transfer from WSCU

After you have linked your accounts transferring your money to your accounts at another bank or credit union is as simple as making a transfer between your accounts at Westminster Savings.

How to transfer money to your account at another bank or credit union

Procedures for Online Banking for Small Business and Business Express Internet:

  1. Log in to Online Banking and go to the Transfers section.
  2. Enter the amount of money you wish to transfer to your account at another bank or credit union.
  3. Select your Westminster Savings account in the Transfer From list.
  4. Select your account at another bank or credit union from the Tansfer To list.
  5. Select when you want the transfer to occur. This is the date that your money will be withdrawn from your Westminster Savings account. It can take up to 3 business days for your money to be deposited into your account at another bank or credit union.
  6. Click Continue to complete your transfer.

Important Information:

  • A non-refundable service charge of $2.00 will be charged to transfer money from your Westminster Savings account to your account at the other bank or credit union.
  • If you currently have two business memberships assigned to a single MemberCard, transfers from these accounts to other institutions is unavailable with the use of a single MemberCard. Members wishing to access multiple business memberships within Online Banking and transfer to external accounts can be issued individual MemberCards for each business membership allowing this functionality. Please contact us for more information.